The largest companies in the world seem to have decided that leadership in a global pandemic is men’s work.
Since March 11, when the World Health Organization rated the COVID-19 As a pandemic, only 3 percent of the CEOs appointed by the world’s largest companies have been women, according to an analysis released Thursday by executive selection firm Heidrick & Struggles.
In the previous six months, women had four times more jobs in the world’s 965 largest companies. The study did not consider race or ethnicity.
Women and other underrepresented groups have been at greater risk of career setbacks and unemployment during the pandemic as they occupy a greater proportion of jobs that have been affected by lockdown measures and other restrictions.
Additionally, women have been more likely to quit their jobs to care for children due to school closings or lack of childcare. Some economists call the economic recession the first female recession, reversing much of the advancement in the workplace that women had made over the past decade.
A big reason why has chosen more men for the top job is that companies are now more likely to pick a new leader who has already served as CEO, a male-dominated role. Women now hold only about 6 percent of CEO positions in S&P 500 companies.
The number of new CEOs appointed has also declined since the pandemic began, as 30 new leaders have been appointed among the largest companies in 20 global markets from March to the end of June, compared to 45 in the same period. 2019.
Heidrick found that, after the 2008 global financial crisis, companies were also more likely to choose men to fill the CEO role, but the change was less pronounced.
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